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CITIC Goldstone leads $31m round in China's Zhubaijia

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Zhubaijia, a Chinese short-term vacation rentals platform, has raised RMB200 million ($31 million) in a Series B round of funding led by CITIC Securities’ direct investment arm Goldstone Investment.

AB Capital, a venture capital firm launched by Hong Kong actress and model Angelababy, Hong Kong-based entertainment firm Neway Group Holdings and Youlian Capital are among the other investors.

Zhubaijia was founded in 2012. Much like US equivalents Homeaway and Airbnb, it is a vacation rentals platform where users can rent out their second homes on a short-term basis to Chinese tourists. The company lists several thousand rental apartments in over 60 overseas travel destinations including Hong Kong, Taiwan, US, UK, Australia, Thailand and Singapore.

Legend Star, a Chinese incubator program launched by Legend Holdings and the Chinese Academies of Sciences, invested $1 million in Zhubaijia last year. The new capital will be used to upgrade its products and enhance users' experience, Zhubaijia said in a statement posted on social-networking platform WeChat.

Earlier this month, All-Star Investments led a $300 million funding round for Tujia.com, valuing the Chinese vacation-rental website at more than $1 billion. Last month, Xiaozhu.com, another short-term rental site, completed a Series C round of funding worth $60 million led by Joy Capital, a VC firm spun-out from Legend Capital.

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